Otbasy Bank to Aid Kazakh Young Scientists in Acquiring Affordable Housing

Otbasy Bank to Aid Kazakh Young Scientists in Acquiring Affordable Housing

1 December 2023

Press release 

A housing program for young scientists has been launched in Kazakhstan. As part of the cooperation agreement signed between Otbasy Bank (a subsidiary of the 'Baiterek' holding) and the Ministry of Science and Higher Education of the Republic of Kazakhstan, from December 1, 2023, the bank will start accepting loan applications from scientists.

The project is planned for a duration of 5 years. During this period, young scientists from scientific organizations and institutions of higher and postgraduate education will be able to purchase housing on affordable terms.

"Scientific discoveries and new technologies are an important factor in the economic growth of our country. Equally important is the training of personnel who can create and work with these advanced technologies. This role is assigned to our scientists. We need to enhance the prestige of this profession and support it. For our part, we are ready to help them in solving their housing issues so that our scientists can focus on science instead of worrying about domestic problems. In collaboration with the Ministry of Science and Higher Education, we are launching a program that allows for a minimal down payment of 10% to take a loan at Otbasy Bank at an annual rate of 5% (EIR from 5.2%)," explained Lyazzat Ibragimova, Chairperson of the Board of Otbasy Bank.

The relevant ministry compiles and provides the bank with a list of scientific organizations and higher and/or postgraduate education institutions, whose employees can receive a preferential loan. The pool of participants will be determined by the employer.

Upon receiving a referral signed by the heads of scientific organizations, program participants can visit the bank from December 1, 2023, for a creditworthiness assessment.

Subsequently, housing is sought in the primary or secondary market. A loan is issued at a rate of 5% per annum (EIR from 5.2%). The initial down payment ranges from 10% to 50%. The maximum loan amount a program participant can expect is up to 20 million tenge.

There is also an option to receive a loan under the "green mortgage" scheme. The maximum loan amount will be up to 35 million tenge. The loan rate is 8% per annum (EIR from 8.2%). The initial down payment ranges from 20% to 50%.

The age of a participant in the scientists' lending program must not exceed 40 years. They and their cohabiting family members should not have owned any property in the last 5 years.


JSC 'Housing Construction Savings Bank 'Otbasы Bank'' is the only bank in the country implementing a system of housing construction savings. The bank is a member of the European Federation of Building Societies (EFBS) and the International Union for Housing Finance. The sole shareholder of JSC 'Otbasы Bank' is JSC 'National Management Holding 'Baiterek'.



Request a call